Greetings everyone. Anyone here i can test my strategy on, and willing to help me if im wrong ? I’ve just my finished my school of pipsology. Im looking for day traders as im a day trader. Anyone can help me please? Will appreciate your help.
above is screeenshots of what i basically did. I want to know what timeframes to look at to plot my support and resistance lines, and what the best strategy is for a day trader.
Enter a long position meaning to buy instead of sell.
My reasons for the bias is because of the way the structure looks. Might be better to do the babypips course mate, it will explain the things you need to know
I am not doing much trading currently and have only just recently gone back to studying support and resistance. So far I am only happy putting s/r lines in off D1. I cannot get my head to make trade entry decisions off s/r on multiple time-frames. I have D1 support at about 1.2248 and resistance at about 1.2650, so price has bounced nicely off my support level and is way below my resistance.
However, buying here would be counter-trend on D1, which has been in a sharp and well defined downtrend channel from 10/06. I don’t trust counter-trend positions anyway, so my bias if trading this conventionally would be on the short side. But I would only be going short if and when the support level fails.
On the 4H timeframe, the market was in a downtrend, but it shot up from the lowest point and made a new higher high, then a higher low, my thinking is that this confirms a change in direction to the upside.
I suppose we all see it different though, interesting to know other opinions.
I say demo first I been trading 3 years and although I have access to many Paid indicators share some free ones on my babypips strategy Blog
TabiusLee
The Proven Profit Strategy
Babypips Trading Forum
I prefer trading on H4 timeframe. Apart from this, entry positions are key especially when you are operating on a smaller time frame so just be sure you are trading as per your strategy.